With the Number of Ahwatukee homes being sold getting fewer than the number of homes coming up for sale, is it a Buyer’s market in Ahwatukee?
Just a few months ago, the Phoenix Area including Ahwatukee experienced a shortage of homes available for sale. There were more home buyers out there looking to buy a home than the number of homes available to buy, creating a seller’s market.
Lots of people looking to buy a home were faced with so much competition and could not get their offers to buy a home they loved, accepted by the home owner selling their home.
Not only did the shortage of inventory work against most of the aspiring home owners but also the type of payment being used to buy the homes. The market was flooded with people looking to buy homes for sale with cash and those using mortgages were left behind.
Most of these potential buyers became so disappointed that they gave up on their dreams of ever owning a home and just stopped looking for homes to buy.
With lots of people dropping out of the home buying process, the real estate market in the whole Phoenix area including Ahwatukee, has now taken a turn and the tables seem to be turning in favor of buyers, who now have more choices and less competition.
The rate of selling is less than the rate at which homes are coming up for sale. As a result, homes are taking a much longer time to sell than in the previous months.
Last Month, 115 homes were successfully sold in all 3 Ahwatukee Zip Codes of 85044, 85045 and 85048. During the same month 163 Ahwatukee homes, condo units and town homes were also put up for sale.
The least expensive property that sold during the month of October 2013 was a condo unit for sale in Portofino, which is located on 40th St and Chandler Blvd. This 1 bedroom, 1 bath condo was a foreclosure and was put up for sale at an original asking price of $89,900 on May 7, 2013. It was sold after 68 days for $10,000 less than the original asking price at $79,900. This was the only sale in Ahwatukee below $100,000 in October 2013.
44 of the Ahwatukee Homes that sold last month were priced between $200,000 and $299,999. This price range made up about 38.3% of all homes sold in Ahwatukee priced below $600,000 in October of 2013. Out of the 44 transactions that took place, 8 of the new home owners purchased their new home with cash, 10 used FHA loan, 22 used a conventional loan and 4 used a VA loan.
During the month of October, out of the 163 properties that were put up for sale by owners, 5 of them were sold before the month ended. They sold at an average of 98% of the original asking price. The highest priced one of the 5 was sold for $295,000 and the lowest priced one was $118,000.